The global luxury goods market is expected to be about $320B over the next 5 years. Strong demographic tailwinds exist as younger, aspirational luxury goods consumers spend more on the category than older baby boomers. Between the largest wealth transfer in history ($45Trillion moving over the next 2 decades) and the high brand love LVMH, Hermes, L'Oreal,, and Ferrari have with consumers, we see big things ahead even as the economy cools off a bit short-term. Luxury spending tends to be less cyclical and more stable in slowdowns than most other categories. Here's a quick review of LVMH, Hermes, and L'Oreal's dominance in their categories.